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Morning Market Report for Tuesday July 10, 2018

July 10, 2018

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Calendar

Things to watch for this morning: None of the events today should really make a big impact on the market.


Major Index Futures

  • Overall Summary – If there’s one sure thing about the stock market, it always seems to do what is least expected. If you thought the Nasdaq’s 1.3% jump Friday was strange and unexpected considering the tariff war between the U.S. and China, then you probably thought the Dow Jones’ 1.3% gain Monday was equally unexplainable.
  • S&P 500 futures the S&P 500 ran ahead 0.9%resistance at 2,800 and support at 2,700
  • Dow 30 futures  The Dow Jones outperformed Monday, rising 1.3%resistance at 25,500 and support at 24,000
  • Nasdaq Composite The Nasdaq dashed 0.9% higherresistance at 7,800 and support at about 7,400
  • SmallCap 2000 futures The Russell small-cap index rose 0.6%. It closed within 4 points of its all-time intraday high of 1708. support at 1610
  • Key Index Futures (Updated 6 days a week 23 hours a day) Interactive Charts
  • Futures for the Nasdaq 100 Futures differ in price but not action from the Nasdaq 5000 Index.
  • The charts below are for the futures so that you can have a head start on the market before it opens.

News

  • Crypto Exchange Hacked – Israeli start-up Bancor lost $13.5 million digital coins on Monday. A wallet on its network was compromised, leading to a loss of $12.5 million worth of ethereum and $1 million of a lesser-known token called Pundi X. It’s the latest of a number of breaches this year. Security breaches are one of the biggest threats to digital coin exchanges. Cryptocurrencies overall were lower, with the coin market cap of total market capitalization down at $253 billion at the time of writing compared to $273 billion on Monday.


Commodities

  • Gold  – bearish – gold bounced off support near the 1240- 1250 range with overhead resistance at 1300
  • Silver – bearish, near support near 16 with overhead resistance at  17
  • Crude Oil – bullish consolidation, pushing near resistance at 75, support is at 66.50
  • Natural Gas – sideways, trading within its range of 3.0 to 2.8 as it has done for several months
  • Interactive Charts

Sectors

  • The below are snapshots of the last two months of sector performance as well as dynamic charts. 
  • Bullish  – XLP, XLU, XLY and XLV are the strongest sectors.
  • Bearish – XLF, XLB and XLI are the weakest sectors.
  • Interactive Major Sector ETF’s

Currencies

    • USD – $94.03 consolidating within a longer-term uptrend
    • Bitcoin  – Bitcoin was trading at $6,371.60, falling 5.56% on the Bitfinex exchange, as of 7:45 AM ET. Bitcoin has struggled to gain ground in recent months, falling nearly 70% since its peak of almost $20,000 in December.
    • Ethereum – fell 12.19% to $430.70 on the Bitfinex exchange after the news.
    • Ripple –  the third largest virtual currency, decreased 7.2% to $0.44576
    • Litecoin – was at $75.295, down 9.52%.

 


Tackle Trading 25

      • Welcome to the new Tackle Trading Covered Call List for 2018
        • For Slightly Bullish Trends
          Naked Puts, Covered Calls, and for stocks over $100 Bull Put Spreads
        • For Neutral Trends
          – Iron Condors are great for stagnant stocks
        • For Slightly Bearish to Trends 
          – deep-in-the-money covered calls or Bear Call Spreads for stocks over $100
        • (be careful with overly aggressive directional trades like Shorting or buying Puts)

Final Trading Thoughts:

  • Slightly Bullish Market Bias – Markets are up again today this is strange behavior considering the ongoing tensions over the U.S. versus China trade war. So remember to go with the trend!
  • Thank you all for being a part of Tackle Trading and good luck trading today!

 If you are not a Pro Member and following the Stock & Option Picks, then check it out! There is a Promo code for Free 15 day trial:  THETA


Hector Duenas Jr. started his trading journey during the height of the tech bubble in 2001 as part of the 90% that loses money in the stock market.

A Rich Dad conference in 2016 changed his life and now he writes the Morning Market Reports, the Market Scoreboard, blogs, and appearances on the Coaches Show and the Cashflow Club for Tackle Trading. Hector specializes in cash-flow strategies such as Covered Calls on the Tackle 25 Watchlist, the Personal Gold System, Cashflow Condors, and speculating on Futures.

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2 Replies to “Morning Market Report for Tuesday July 10, 2018”

  1. Avatar AdiPuplampu says:

    Thank you Hector

    1. Avatar HectorDuenas says:

      my pleasure Adi, always good to hear from you my friend

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